TSX-V Trading Symbol: SNS
VANCOUVER, April 16 /CNW/ - SNS Silver Corporation ("SNS Silver" or the "Company") (TSX-V: SNS) is pleased to announce the appointment of Kurt Hoffman to the Board of Directors.
Mr. Hoffman, a fourth generation miner and native to the Silver Valley, brings significant depth and experience to SNS from a deep background of mining ventures. Currently, Mr. Hoffman is President, Chief Executive Officer, and a Director of Sundance Diamonds Corporation, a privately held company engaged in the exploration for diamonds in the U.S., Canada and South Africa. In 2003, Mr. Hoffman co-founded High Plains Uranium, a publicly traded advanced exploration uranium mining company, and served as Vice President and a Director prior to the acquisition by Energy Metals Corporation (TSX: EMC) for about $150 million in early 2007. From 1998 through 2004, Mr. Hoffman served as President, Chief Executive Officer, and a Director of Trend Mining Company, an exploration stage company focused on platinum group metals exploration in North America.
Since 1998, Mr. Hoffman has served as a Director of Atlas Mining Company, a Silver Valley-based company which owns Atlas-Fausett Contracting, a contract mining and drilling company, alongside additional properties in the U.S. and Canada. From 1990 to 1994, Mr. Hoffman served as Director of Mineral Property Sales for Coldwell Banker Schneidmiller Realty's commercial real estate division, which was appointed by the U.S. Bankruptcy Court to liquidate the real property assets of the Bunker Hill Mining Co.. From 1998 until 2001, Mr. Hoffman served as a Director of New Jersey Mining Co., which held gold and silver properties in North Idaho. Mr. Hoffman is a member of the Northwest Mining Association and is a member of the Board of Trustees of Albertson College.
SNS also announces, pursuant to the Company's Stock Option Plan, a total of 370,000 incentive stock options were granted on April 16th, 2007, to directors, officers, consultants and employees of the Company. Of the total stock options granted, 200,000 options were granted to directors and senior officers. The options are exercisable at a price of $1.50 per share until April 16th, 2012. The Stock Options have been granted in accordance with the terms of the Company's 10% Rolling Stock Option Plan.
SNS Silver Corp. owns 100% of the Crescent Mine in the Coeur d'Alene mining district. The Crescent Mine is a historic high-grade silver producer. From 1917-1982 the property produced 25 million ounces of Silver at an average grade of 27.3 ounces per ton. Prior to its last shut down in the 80's, previous operators of the Crescent Mine reported over 9 million ounces of silver resources at an average grade of 18 ounces per ton. The property lies between two world-class Silver producers. The Sunshine mine which has produced more than 300 million ounces of Silver and the Bunker Hill mine, which has produced over 150 million ounces of Silver. The Coeur d'Alene district is the only known mining district in North America to have produced over 1 billion ounces of silver. SNS Silver (SNS) trades on the TSX-V under the symbol SNS. The Company has approximately 27.2 million shares outstanding and approximately $9.0 million cash on hand.
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation, which the Company's management and consultants are in the process of completing.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this news release.
This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.